The Reserve Bank of India recently hiked the repo rate once more as an amelioratory effort to combat inflation. In its monetary policy announcement dated September 30, the country's central bank raised the repo rate by 50 basis points to 5.90%.
Below is a quick take of banks along with some NBFCs that have hiked lending rates apart from some banks that have raised their MCLR (Marginal Cost of Funds Based Landing Rate) which refers to the minimum interest rate below which financial institutions can't lend.
SBI
As India's top lender, SBI has raised its repo-linked lending rate (RLLR) by 50 basis points (bps) to 8.15%.
ICICI
ICICI Bank in its official website states, ICICI Bank has announced an increase of 50 basis point in external benchmark lending rate to 9.25% and also revised its MCLR by 10 basis points.
Bank of Baroda
Bank of Baroda has revised the repo-linked lending rate with effect from October 1, 2022. As per the official website of the bank, Baroda Repo Linked Lending Rate (BRLLR) applicable on Retail Loans is 8.45% w.e.f. 01.10.2022 (Current RBI Repo Rate: 5.90% + MarkUp/Base Spread 2.55%)
HDFC
Mortgage lender HDFC has also increased its Retail Prime Lending Rate (RPLR) by 50 basis points to 17.95%.
PNB
Punjab National Bank has raised Repo Linked Lending Rate (RLLR) from 7.90% to 8.40% (Repo Rate (5.90%) + Mark-up (2.50%) w.e.f. 01-10-2022 for all customers. Apart from that, the marginal cost of funds lending rate (MCLR) has been raised by 0.05% across all tenures. The bank has revised base rate from 8.75% to 8.80% effective 01-10-2022.
Bank of India
As per the Bank of India website, its RBLR w.e.f from 30/09/2022 is 8.75%. It has also hiked the MCLR by 10-20 basis points. The Bank’s Base Rate has been revised from 9.00% pa. to 8.80% pa. effective from 01.10.2020.